Palestine Islamic Bank earns a pretax income of $1.67 million in Q1 2012

2012-05-02

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Palestine Islamic Bank Company ( ISBK). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.

The disclosed information includes: the Statement of Financial Position, the Income Statement, Changes in Equity Ownership and the Statement of Cash Flows. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first three months of the year.

According to company data for the first three months of the year, net profit before taxes reached 1,672,967 USD, compared with a net profit before taxes of 1,547,380 USD from the first three months of 2011, a net increase of 8.1%. Total assets of the company reached 397,248,632 USD as of March 31st, 2012, compared to total assets of 392,675,894 USD as of December 31st, 2011, a net increase of 1.2%. Total liabilities of the company reached 130,915,118 USD as of March 31st, 2012, compared to total liabilities of 131,773,504 USD as of December 31st, 2011, a net decrease of 0.7%. Equity of Unrestricted Investment Accountholders totaled 213,055,535 USD as of March 31st, 2012, compared with 208,821,886 USD as of December 31st, 2011, a net increase of 2.0%. Net ownership equity of the company reached 53,277,979 USD as of March 31st, 2012, compared with a net ownership equity of 52,080,504 USD as of December 31st, 2011, a net increase of 2.3% in the first three months.